Agricultural Equipment Market Size, Share & Segmentation by-product (Tractors, Harvesters, Planting Equipment, Row Crop Planters, Air Seeders, Grain Drills, Others, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), by Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro-Processing), by Regions and Global Market Forecast 2024-2032

Agricultural Equipment Market Report Scope & Overview:

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The Agricultural Equipment Market size was valued at USD 164.5 Bn in 2023 and is expected to reach USD 261.38 Bn by 2032 and grow at a CAGR of 5.28 % over the forecast period 2024-2032.

Expanding motorization in the agribusiness area combined with the flood in ranchers' pay is supposed to be an essential variable driving the development. Ideal climatic circumstances for food creation and government support with advance waiver plans for ranchers of all pay classifications are additionally attempted to lean toward the market development. Mechanically progressed agrarian mechanical technology, for example, independent work vehicles and flying robots to assist ranchers with creating food at low expenses to satisfy the developing interest for food, are expected to be better possibilities for market development over the figure time frame.

Farming hardware help in expanding rural efficiency with less time utilization. What's more, agrarian gear requires lower exertion inputs, in this manner lessening the interest for human work on ranches. This saves season of activities as well as recoveries costs caused on labor supply. Moreover, headways in machine advancements advance the development of the agrarian hardware market. This is ascribed to the way that execution of programmed and self-loader apparatus builds the harvest creation, inferable from lower personal times and profoundly exact tasks.

MARKET DYNAMICS:

KEY DRIVERS: 

• Developing countries

• Increasing farm equipment production and sales

• Globally, online and offline food service establishments are rapidly expanding.

• Mechanical power and modern technology deployment

RESTRAINTS:

• Farmers are under-informed on the advantages of agricultural equipment.

• Illiteracy and a lack of appropriate resources, as well as monetary metrics

CHALLENGES:

• The high introductory expense of the agricultural equipment market.

• Bringing issues to light in regards to the benefit of rural equipment to the farmers and the public authority support towards the agribusiness hardware are significant difficulties for the market.

OPPORTUNITY:

• Farmers are under-informed on the advantages of agricultural equipment.

• Illiteracy and a lack of appropriate resources, as well as monetary metrics.

IMPACT OF COVID-19:

Before the pandemic circumstance, the agribusiness gear market was in better condition. however, the agricultural equipment business is dealing with several challenges as a result of disrupted global supply chains following the COVID-19 epidemic. To the public authority guidelines, the made ventures are shut down to forestall the spread of the Covid-19, and henceforth the agricultural equipment market has dialed back.

This pandemic impacted the agricultural equipment as well as impacted different business areas like autos, medical services, semiconductor and hardware, development, and some more. In 2020, farm vehicles represented more than half of the piece of the pie in the worldwide market. Gradually, the pandemic circumstance changed, and the businesses returned.

IMPACT RUSSIA-UKRAINE CRISIS:

The cost of Crude oil has been increasing for quite a while since a drop toward the beginning of the Covid-19 pandemic. Moving from $25 per barrel in the spring of 2020, it had reached nearly $90 per barrel before the Russian-Ukraine crisis. Since the crisis, it has spiked to $115 per barrel and looks set to keep on rising past this in the close term. While drawn-out anticipation of oil prices is troublesome in a time of vulnerability, high oil costs ordinarily have a various thump on impacts on the agricultural equipment market. Input costs for farmers increase due to higher fuel expenses, and fertilizer costs will affect farm input costs. Farming expenses is straightforwardly corresponded to the spending on new equipment and stifled farm income will probably put a few purchasers off.

Supply chain network imperatives have proactively pushed commodity prices upwards - like steel and aluminum. Rising oil costs and endorses against Russia will push item costs higher as well, driving agricultural equipment makers into a troublesome place of expanding costs once more. Higher equipment costs may likewise prevent a few purchasers. In spite of the monstrous antagonism of any armed conflict, there is a chance for agricultural equipment producers to zero in on new effective developments. Advances that can decrease the utilization of fertilizers, fuel and farm tractor materials will assist with counterbalancing the effect of rising oil costs. We anticipate that there should be reestablished interest in agricultural equipment hybridization and diesel substitution. Moreover, those agricultural equipment sellers with an emphasis on smart solutions- will make gains in the following 2 or 3 years.

MARKET ESTIMATION:

BASED ON PRODUCT: 

The tractor portion represented the biggest income portion in 2021, ascribed to the work lack and the developing populace to meet the worldwide food necessities, which has made farm haulers essential for expanding efficiency in the agribusiness business. The advancement of homestead automation and the rising reception of accuracy cultivation in locales, for example, the Asia Pacific and Latin America have additionally sped up the development. The development of electric farm mechanization is expected to be a critical development prospect for market members. The development is credited to the expense adequacy combined with electric tractors ' eco-accommodating and high-effectiveness ascribes. Nonetheless, an absence of energy thickness to take special care of huge field activities is supposed to hamper their reception over the conjecture time frame. Developments in harvester are expected to incline toward the development of the portion throughout the following couple of years. The rising fame of shrewd consolidated collectors and the combination of savvy actuators into existing join gatherers likewise add to showcase development. Savvy consolidated reapers empower ranchers to screen the grain stream rate and better control gathering applications. Considering these elements, ranchers and workers for hire are leaned toward savvy join gatherers over customary reapers.

BASED ON APPLICATION:

The land development and seedbed preparation fragment represented substantial growth in 2021 and is supposed to extend at a huge CAGR during the conjectured time frame. The portion is comprehensive of tractors, levelers, and agribusiness carries out. The interest for an agrarian tractor is getting some forward movement inferable from various factors, for example, the rising requirement for food impelling the need to automate ranch work, accessibility of mechanically progressed work vehicles, and expanded urbanization causing a deficiency in labor, compelling ranchers to take on apparatus. This is expected to add to the development of the general market. The reception of tech-driven agribusiness hardware, for example, advanced mechanics is likewise expected to fuel the interest in the homestead apparatus market in the impending years. Besides, the inclination for brilliant agricultural equipment is progressively getting pace in nations like India, Australia, and Southeast Asia, which is at present a developing business sector. In addition, the area is seeing significant ventures from agrarian OEMs and state-run administrations to advance brilliant agribusiness drives. The shifting climatic circumstances across these nations and interest in cost-productive equipment, especially balers, are driving the interest in cutting-edge rural gear.

KEY MARKET SEGMENTATION

On The Basis of Product

• Tractors

• Harvesters

• Planting Equipment

• Row Crop Planters

• Air Seeders

• Grain Drills

• irrigation & Crop Processing Equipment

• Spraying Equipment

• Hay & Forage Equipment

• Others

On The Basis of Application

• Land Development & Seed Bed Preparation

• Sowing & Planting

• Weed Cultivation

• Plant Protection

• Harvesting & Threshing

• Post-harvest & Agro-Processing

REGIONAL ANALYSIS

North America was esteemed at USD 34.8 billion out of 2023 and is supposed to enlist a CAGR of more than 4.7% during the figure time frame. The development is principally determined by the overflow of huge farmland, which has prompted an appeal for ranch automation. Additionally, the area is seeing expanded reception of wise consolidated collectors furnished with checking devices to increment ranch yield. Factors, for example, rising work costs, the mixture of mechanical frameworks and Global Positioning Systems (GPS) in tractors and harvesters, expanding interest for high-limit apparatus because of huge ranches, and the rising prominence of self-pushed machines are expected to drive the local market development over the conjecture time frame.

The Middle East and Africa district was esteemed at to growing with the highest CAGR over the forecast period. South Africa, Saudi Arabia, and UAE are outstanding business sectors in the district. The parched and semiarid nations in the Middle East with low and variable precipitation are probably going to observe expanded interest for watered and crop handling gear over the gauge time frame. Expanding Chinese interests in African nations is supposed to support the territorial horticulture area. The new business development of New Hope Group, a venture company, in Egypt is one such case that proposes the rising Chinese impact in the area.

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REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS

The major key players of these sectors are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SASLEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc and Other Players